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CHAP. 247.
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capital shall be subscribed in their judgment to organize
the said company, and annually thereafter on the same
day or on such other day as the bye-laws may provide,
and in case such election shall not be so held the said
corporation may nevertheless hold an election at any
time within twenty days after the time fixed by this act
or by the bye-laws of said corporation, and the president
and directors who shall be so chosen shall act in their
respective offices until successors shall be chosen, and
they or a majority of them shall have full power and au-
thority to appoint, compensate and remove such officers,
agents, workmen, laborers and servants as they may
deem necessary in the business of said company, also to
contract for and purchase such real and personal estate,
and erect ail such buildings and improvements as they
may think necessary to carry into effect the objects of
said company, and the same or any part thereof to sell,
convey or otherwise dispose of at their discretion, also
to prescribe the mode of distributing, registering and
transferring the capital stock of the corporation and the
certificates thereof, and to declare and pay annual or
other dividends of the nett profits of said company, and
generally to do all such acts for conducting the business
of the said corporation as they may think proper, the
same not being contrary to the bye-laws passed by the
stockholders nor to any law of this State, and in case a
vacancy shall happen in the presidency or directory of
said corporation the stockholders, after ten days notice
by advertisement in one or more newspapers published
in Washington county and in the city of Baltimore, at a
special meeting to be held for that purpose at such place
as shall therein be named, shall fill the same by choos-
ing a president or director or directors, as the case may
be, from amongst the stockholders to serve until the
next election, and for the transaction of any business
hereby confided to the said president and directors, a
majority of them shall be a quorum.
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General and
special meet-
ings.
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SEC. 4. And be it enacted, That the said president and
directors shall meet at such times and places for the trans-
action of business as the bye-laws may direct and pre-
scribe, and that all meetings of the stockholders shall be
called by the president and directors or as the bye-laws
may direct, and that special meetings may be called at any
time by the president or by any stockholder or stockhol-
ders, who may be proprietors of one-fourth of the whole
capital stock, at such place as may be provided for by the
bye-laws, first giving at least ten days notice of such meet-
ing and its objects, by advertisement in or more newspa-
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